The course provides a comprehensive understanding of the preparation of both S corporation & partnership/LLC tax returns, along with the underlying laws, regulations, etc. The course & instruction delivery is geared toward the basic understanding & progresses to complex issues. Boot camp allows staff to discover the connections & alterations of these widely held entity structures, while also providing a valued reference for the participant's future use. Updated for impacts of the PATH Act 2015

All levels of staff and company controllers responsible for filing these forms

Prerequisite

None

Fees:

Early Bird

Standard

Member

N/A

$219

Non-Member:

N/A

$269

The Member rate applies to UACPA members and reciprocal state society members. To register online, use the ‘Register’ button above. To register by phone, call the UACPA at 801.466.8022, Monday through Friday, 8am to 4pm.

Description:
The course provides a comprehensive understanding of the preparation of both S corporation and partnership/LLC tax returns, along with the underlying laws, regulations, etc. The course and instruction delivery is geared toward the basic understanding and progresses to complex issues. The boot camp allows staff to discover the connections and alterations of these widely held entity structures, while also providing a valued reference for the participant's future use. This course has been updated for impacts of the Protecting Americans Against Tax Hikes (PATH) Act of 2015.

Major Topics:

Compare and contrast the tax consequences, opportunities, and pitfalls of operating a business as a partnership, LLC, or S corporation

Gain a comprehensive understanding of income tax laws for S corporations from eligibility and election, to tax return preparation, stock basis, and loss limitation issues

Recognize and properly handle special pass-through items of income and expense

Accurately prepare S corporation returns and reconcile book income to taxable income

Accurately prepare partnership returns and reconcile book income to taxable income

Properly handle the tax treatment of distributions to shareholders, partners, or members

Understand the special restrictions and sanctions for tax year end selection

Review the basics of partnership and LLC formation and basis calculation

Self-employment tax or NOT, for each entity

Filling in K-1s correctly for S corporations, partnerships, and LLCs

How the Affordable Care Act affects tax returns

The most frequently used forms and schedules, included 'filled-in'

Objectives:

Learn in detail about the preparation of Form 1120S, Schedules M-1, K, and K-1

Learn in detail about the preparation of Form 1065, Schedules M-1, K, and K-1